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x + c X O FINANCIAL ACC BADASS 1 x XE AMF 2871 Assignment 202 x 2022 Distance Assignments x Gripping GAAP 2020_nod X Group
x + c X O FINANCIAL ACC BADASS 1 x XE AMF 2871 Assignment 202 x 2022 Distance Assignments x Gripping GAAP 2020_nod X Group Statements Volume x X Group Statements Volume c File /Users/pdone/Desktop/FINANCIALX20ACCOUNTING%2034/2022%20Distance%20Assignments%20-%20AFE3871%20-%20Financial%20Accounting 203A.pdf HIE FACULTY OF COMMERCE, MANAGEMENT AND LAW Case study Luxury Breeze Limited group You are a Senior Financial Accountant al Luxury Breeze Limited, a company that specializes in providing of besl holiday destination to all local and international traveller to Namibia About us With a 31 December year end. Luxury Breeze Lid group initially opened its door in 1995 by the founder Cobus Marais, a man who was born and raised in Mariental a town located in the south of his motherland Namibia With the need of lodges in the country during that time Cobus decided to open a Lodge in his town. He started from a back-yard structure of his parents' house where he could only Accommodate 2 families when they travel in Mariental and to the nearest areas. When Cobus parents travel to the farm for holiday, he can use the whole house as a guest house. When the business boomed in year the 2000 he managed to secure a space in the Namib desert and build a luxurious 5-star hotel in order to accommodate the traveller to the Namibian well known Art Cobus "A customer will Cabave in providing good service to his customer and his moto is "A satisfied Due to the location of the hotels and lodges in the Namib Desert, it has been cumbersome for Cobus to get the customers to come and experience the desert if the customer does not have their own transportation they would likely not make it to the locge or if their cars are not 4X4 or SUVS. Cobus acquired a bus for his customers and arranged for the customer travel from the Airport, north, south, east of the country to make it to the desert. Although it brings boom ! into his business the bus could only go WC A week and customers would spend RSS costs because customers would not have a means of return transport when they only book for a shorter period of time, hence it became chaotis again. in the process to make customers happy and to experience the Namib desert at ther convenience, Luxury Lid identified Rent A Car (Pty) Lid as a potential solution to their problem Rent A Car Rent A Car (P) Ltd is a company that is owned by two friends who won a good price on the Olympic championship and they decided to put their money into good use identifying a business in the vehide rental Industry in the country This was an ideal opportunity to peruse and Cobus did not look back but rather entered into an agreement and cu 40% of the shares in Rent A Car since Rent A Car was looking to raise funds. To Luxury Breeze 40% was classified as an associate for the group and has been accounted as an associate since the acquisition date 01 January 2009 to date. Rent a car was acquired on the 01 January 2009 when the for an amount of NS 2 000 000 a when the residings wure N500 000 Page 2 of 27 Type here to search 23C Sunny A 1:50 PM 5/5/2022 O FINANCIAL ACC BADASS 1 x X EAMF2871 Assignment 202 x 22022 Distance Assignments x Gripping GAAP 2020_modm x Group Statements Volume x X X X Group Statements Volume x + c X c File C/Users/pdone/Desktop/FINANCIAL%20ACCOUNTING%2034/2022%20Distance%20Assignments%20-%20AFE3871%20-%20Financial%20Accounting 203A.pdf HIE FACULTY OF COMMERCE, MANAGEMENT AND LAW Below are the bases ofertes in Luury group RENT A CAR TRIAL BALANCE FOR YEAR END 31 DECEMBER 2020 LUXURY BREEZE LTD Tallets Land and Mulige 2002 Ann Motor Vehkle a 500 000.00 8 Accumulated depreciation which - 625 000.00 ri w 120 000 000 00 Il departament 26.01 ITURA GOD 0000 2 9 000 000.00 2000 000.00 7000 100.00 2.500.000.00 TSD 0.00 1 500 cm Investin Database Dalam Current asset Cash and cash on Tode de Due to relaxed parts Touts and Lishtine Onlar harani Based Am Resim Lahtis B 000 000.00 4 750 000.00 750 000.00 755 000.00 225 000.00 - 1 200 000 - 0767 260.00 - ADEM 09 1000 RGA 70 Iron NO 750 ODER Duben alaria | Current liabilities Trade Cum sa payahin Dunwari taryba - 290000 DO 75 000 -450 000.00 150 000.00 - 1.200 on no 190 000.00 72 18 000 SEM 09 S S 0000 Controls Frano! 50 000 War and Deprecation incone Dividend - ZINOO 1164.500.00 700000000 2 500 000.00 400 000 Per 2 ct 27 1300.000.00 85 000.00 65 000,00 01 030 00 FACULTY OF COMMERCE, MANAGEMENT AND LAW ats the alatarah a ass Type here to search c 23C Sunny A 1:50 PM 5/5/2022 x + c X O FINANCIAL ACC BADASS 1 x X EAMF2871 Assignment 202 x 22022 Distance Assignments x Gripping GAAP 2020_modm x Group Statements Volume x X X x Group Statements Volume c File /Users/pdone/Desktop/FINANCIALX20ACCOUNTING%2034/2022%20Distance%20Assignments%20-%20AFE3871%20-%20Financial%20Accounting 203A.pdf HIE FACULTY OF COMMERCE, MANAGEMENT AND LAW Over the year of parent associate, the relationship has been growing so well and Luxury Breeze experienced an in their customer to be and also revenue for Rent A car was on the Bulwhen it comes to peek ime such as festive limes and Easter weekend it was hard for Luxury Breeze la secure all the cars for Rent A Car because Rent A Car was experiencing an influx of car rental request to their own customer and Luxury Breeze could not get first priority because they do not have control On the 30 March 2020 Lizette Marias a daughter of Mr Cobus suggested that they should Increase their shareholding as from 01 June 2020 and then they can have control over Rent A ex hot when it's time for live on they are all are for their com Mr Cats concurred with the idee and as from 01 June 2020 Luxury Be increase their streholding from 46. B. In order to acquire accioning in Rent A Cs Luxury Breeze settled the transaction by: Cash of NS 1 500 000 A guarantee that Luxury Breeze will pay an add tional 2 milion to the previous shareholders of Rent A Car should their profil dette far value of the consideration N$ 900 000 Luxury Read the transaction by aling to Rent A Car one of their double sleepinar but with NS 500 000 The far value of the previous held investment was N$ 4 000 000 Transaction post business combination: Sales for Rent A Car from the rental of cars increase by 4 times after the 01 June 2020. Luxury group maintains a mark up only throughout the year of 32 Al other and increase in petral and own that happened in 2000 in August 2020, ranta to ended cash and in order to raise funds Rent A Car is 10 000 % dans to luxury 6 order to fundsThe deberture was sed on June 22hanhuns had a market value NS 750 0000 Thik Rent a car declares a dividend of NS 300 0000. The dividend was declared into two intervals a half of dividend on 03 March 2020 and another half on the 31 December 2020. Rent A Car made a sale of NS 4 000 000 to Lucury Breeze in the current year As at 31 December Rent A Car was Luxury Breeze an amount of NS 750 000 incurred by Luxury Breeze on behalf of Rent A car for the renewal of the vehicle licences and maintenance in current year Accounting - please assist: Although there had been a change in entity type Mr Cobus did not feel the need to change the accounting from associate to consolidation because he is not aware of any changes in the business to him me He stated that there is no change in our accounting because we just increase our stake from 40% 70 80% al we can do is increase what we previously recorded 40% to double Mr Cobus now said he is not good in the IFRS and their consultant is already on a vacation he would recure your assistance be udfors are coming in anytime soon Please assist Mr Cobus to distinguish between the accounting implications for associate and Due to the increase their way throughout the year consolidation Additional Information: NOI is measured as proportionate share Allasses and abilities are fairly values It is the policy of Luxury Breeze and its subsidiary to account for investment at cost Page 25 of 27 1 Type here to search 23C Sunny A 1:51 PM 5/5/2022 x + c your aplain to him O FINANCIAL ACC BAD ASS XE AMF 2871 Assignment 202 x 2022 Distance Assignments x Gripping GAAP 2020_nod X Group Statements Volume x B Group Statements Volume c File C/Users/pdoneyDesktop/FINANCIALX20ACCOUNTING%203A/2022%20Distance%20Assignments%20-%20AFE3871%20-%20Financial%20Accounting 203A.pdf TAUULIT WE MWENUE, MANAGEMENT ANU LA Prepare a umota Me De CEO whice ( Wh tots els and how do we en for Discuss what seeintra-group transactions and how they counted for mark 1 communication mark 2. Prepare Journal entries to account for associate from the date of acquisition to changes in Pranel Pre-farm Jerebelo criredits Pour Acke in the financialment of nur wa Show will working Arana Grup 20 mars Prepare an atractement of Changes in Falty Peary Are Gen. for the yok And 31 Decembre 2000 only show Rated in and Nonning in Show all you working 25 Mark Total: 100 Marks Par 26 of 2 FACULTY OF COMMERCE, MANAGEMENT AND LAW Type here to search c 23'C Sunny A 10 1:51 PM 5/5/2022 x + c X O FINANCIAL ACC BADASS 1 x XE AMF 2871 Assignment 202 x 2022 Distance Assignments x Gripping GAAP 2020_nod X Group Statements Volume x X Group Statements Volume c File /Users/pdone/Desktop/FINANCIALX20ACCOUNTING%2034/2022%20Distance%20Assignments%20-%20AFE3871%20-%20Financial%20Accounting 203A.pdf HIE FACULTY OF COMMERCE, MANAGEMENT AND LAW Case study Luxury Breeze Limited group You are a Senior Financial Accountant al Luxury Breeze Limited, a company that specializes in providing of besl holiday destination to all local and international traveller to Namibia About us With a 31 December year end. Luxury Breeze Lid group initially opened its door in 1995 by the founder Cobus Marais, a man who was born and raised in Mariental a town located in the south of his motherland Namibia With the need of lodges in the country during that time Cobus decided to open a Lodge in his town. He started from a back-yard structure of his parents' house where he could only Accommodate 2 families when they travel in Mariental and to the nearest areas. When Cobus parents travel to the farm for holiday, he can use the whole house as a guest house. When the business boomed in year the 2000 he managed to secure a space in the Namib desert and build a luxurious 5-star hotel in order to accommodate the traveller to the Namibian well known Art Cobus "A customer will Cabave in providing good service to his customer and his moto is "A satisfied Due to the location of the hotels and lodges in the Namib Desert, it has been cumbersome for Cobus to get the customers to come and experience the desert if the customer does not have their own transportation they would likely not make it to the locge or if their cars are not 4X4 or SUVS. Cobus acquired a bus for his customers and arranged for the customer travel from the Airport, north, south, east of the country to make it to the desert. Although it brings boom ! into his business the bus could only go WC A week and customers would spend RSS costs because customers would not have a means of return transport when they only book for a shorter period of time, hence it became chaotis again. in the process to make customers happy and to experience the Namib desert at ther convenience, Luxury Lid identified Rent A Car (Pty) Lid as a potential solution to their problem Rent A Car Rent A Car (P) Ltd is a company that is owned by two friends who won a good price on the Olympic championship and they decided to put their money into good use identifying a business in the vehide rental Industry in the country This was an ideal opportunity to peruse and Cobus did not look back but rather entered into an agreement and cu 40% of the shares in Rent A Car since Rent A Car was looking to raise funds. To Luxury Breeze 40% was classified as an associate for the group and has been accounted as an associate since the acquisition date 01 January 2009 to date. Rent a car was acquired on the 01 January 2009 when the for an amount of NS 2 000 000 a when the residings wure N500 000 Page 2 of 27 Type here to search 23C Sunny A 1:50 PM 5/5/2022 O FINANCIAL ACC BADASS 1 x X EAMF2871 Assignment 202 x 22022 Distance Assignments x Gripping GAAP 2020_modm x Group Statements Volume x X X X Group Statements Volume x + c X c File C/Users/pdone/Desktop/FINANCIAL%20ACCOUNTING%2034/2022%20Distance%20Assignments%20-%20AFE3871%20-%20Financial%20Accounting 203A.pdf HIE FACULTY OF COMMERCE, MANAGEMENT AND LAW Below are the bases ofertes in Luury group RENT A CAR TRIAL BALANCE FOR YEAR END 31 DECEMBER 2020 LUXURY BREEZE LTD Tallets Land and Mulige 2002 Ann Motor Vehkle a 500 000.00 8 Accumulated depreciation which - 625 000.00 ri w 120 000 000 00 Il departament 26.01 ITURA GOD 0000 2 9 000 000.00 2000 000.00 7000 100.00 2.500.000.00 TSD 0.00 1 500 cm Investin Database Dalam Current asset Cash and cash on Tode de Due to relaxed parts Touts and Lishtine Onlar harani Based Am Resim Lahtis B 000 000.00 4 750 000.00 750 000.00 755 000.00 225 000.00 - 1 200 000 - 0767 260.00 - ADEM 09 1000 RGA 70 Iron NO 750 ODER Duben alaria | Current liabilities Trade Cum sa payahin Dunwari taryba - 290000 DO 75 000 -450 000.00 150 000.00 - 1.200 on no 190 000.00 72 18 000 SEM 09 S S 0000 Controls Frano! 50 000 War and Deprecation incone Dividend - ZINOO 1164.500.00 700000000 2 500 000.00 400 000 Per 2 ct 27 1300.000.00 85 000.00 65 000,00 01 030 00 FACULTY OF COMMERCE, MANAGEMENT AND LAW ats the alatarah a ass Type here to search c 23C Sunny A 1:50 PM 5/5/2022 x + c X O FINANCIAL ACC BADASS 1 x X EAMF2871 Assignment 202 x 22022 Distance Assignments x Gripping GAAP 2020_modm x Group Statements Volume x X X x Group Statements Volume c File /Users/pdone/Desktop/FINANCIALX20ACCOUNTING%2034/2022%20Distance%20Assignments%20-%20AFE3871%20-%20Financial%20Accounting 203A.pdf HIE FACULTY OF COMMERCE, MANAGEMENT AND LAW Over the year of parent associate, the relationship has been growing so well and Luxury Breeze experienced an in their customer to be and also revenue for Rent A car was on the Bulwhen it comes to peek ime such as festive limes and Easter weekend it was hard for Luxury Breeze la secure all the cars for Rent A Car because Rent A Car was experiencing an influx of car rental request to their own customer and Luxury Breeze could not get first priority because they do not have control On the 30 March 2020 Lizette Marias a daughter of Mr Cobus suggested that they should Increase their shareholding as from 01 June 2020 and then they can have control over Rent A ex hot when it's time for live on they are all are for their com Mr Cats concurred with the idee and as from 01 June 2020 Luxury Be increase their streholding from 46. B. In order to acquire accioning in Rent A Cs Luxury Breeze settled the transaction by: Cash of NS 1 500 000 A guarantee that Luxury Breeze will pay an add tional 2 milion to the previous shareholders of Rent A Car should their profil dette far value of the consideration N$ 900 000 Luxury Read the transaction by aling to Rent A Car one of their double sleepinar but with NS 500 000 The far value of the previous held investment was N$ 4 000 000 Transaction post business combination: Sales for Rent A Car from the rental of cars increase by 4 times after the 01 June 2020. Luxury group maintains a mark up only throughout the year of 32 Al other and increase in petral and own that happened in 2000 in August 2020, ranta to ended cash and in order to raise funds Rent A Car is 10 000 % dans to luxury 6 order to fundsThe deberture was sed on June 22hanhuns had a market value NS 750 0000 Thik Rent a car declares a dividend of NS 300 0000. The dividend was declared into two intervals a half of dividend on 03 March 2020 and another half on the 31 December 2020. Rent A Car made a sale of NS 4 000 000 to Lucury Breeze in the current year As at 31 December Rent A Car was Luxury Breeze an amount of NS 750 000 incurred by Luxury Breeze on behalf of Rent A car for the renewal of the vehicle licences and maintenance in current year Accounting - please assist: Although there had been a change in entity type Mr Cobus did not feel the need to change the accounting from associate to consolidation because he is not aware of any changes in the business to him me He stated that there is no change in our accounting because we just increase our stake from 40% 70 80% al we can do is increase what we previously recorded 40% to double Mr Cobus now said he is not good in the IFRS and their consultant is already on a vacation he would recure your assistance be udfors are coming in anytime soon Please assist Mr Cobus to distinguish between the accounting implications for associate and Due to the increase their way throughout the year consolidation Additional Information: NOI is measured as proportionate share Allasses and abilities are fairly values It is the policy of Luxury Breeze and its subsidiary to account for investment at cost Page 25 of 27 1 Type here to search 23C Sunny A 1:51 PM 5/5/2022 x + c your aplain to him O FINANCIAL ACC BAD ASS XE AMF 2871 Assignment 202 x 2022 Distance Assignments x Gripping GAAP 2020_nod X Group Statements Volume x B Group Statements Volume c File C/Users/pdoneyDesktop/FINANCIALX20ACCOUNTING%203A/2022%20Distance%20Assignments%20-%20AFE3871%20-%20Financial%20Accounting 203A.pdf TAUULIT WE MWENUE, MANAGEMENT ANU LA Prepare a umota Me De CEO whice ( Wh tots els and how do we en for Discuss what seeintra-group transactions and how they counted for mark 1 communication mark 2. Prepare Journal entries to account for associate from the date of acquisition to changes in Pranel Pre-farm Jerebelo criredits Pour Acke in the financialment of nur wa Show will working Arana Grup 20 mars Prepare an atractement of Changes in Falty Peary Are Gen. for the yok And 31 Decembre 2000 only show Rated in and Nonning in Show all you working 25 Mark Total: 100 Marks Par 26 of 2 FACULTY OF COMMERCE, MANAGEMENT AND LAW Type here to search c 23'C Sunny A 10 1:51 PM 5/5/2022
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